that all all-elf team works fine for me.In character creation by adjusting the other stats, you can bring an elf's dexterity up to 25 and speed to 20. The other stats suffer initially, of course, but I feel that dex and speed are the most important in the beggining. (If you can't hit 'em, high damage meakes no difference).
I am a might oriented type and my favorite party (I have killed the megadragon many times) is Gladiator, Assassin, Assassin, Priest. Two assassins so I can master both perception and id item (one for each). The Gladiator masters Disarm so, that skill is unecessary at the GM level (all traps can be opened in MM9 at M7).
I startd my party with the following skills:
1st Fighter - Bow and Merchant (he get Disarm from Grandpa)
2nd Fighter - Bow and Merchant (she gets ID item from Grandpa)
3rd Fighter - Bow and Perception
Initiate - Bow and Light Magic (she will be able to cast TP and Lloyd's Beacon later and also Devine Intervention and , of course, all healing and defensive buffs)
I am in the minority in that I like might=heavy parties in all MM's, but they work fine for me.